Rights offering...what does it say?This is what the rights offering posses as questions to me. What do you think the street....the real investors....would think about the rights?
1. If Pat went to the street for money, Pat could not raise money on the street so they had to resort to a rights offering. What does that say about street expectations for profit from Pat?
2.So far, Even the insiders that set the terms for the rights offering did not buy one single right. Not one single right amongst them all. What does it say about our managements commitment and expectations for Pat.
3. Mineralfields, who has benefited by favourable flow thru tax investments in the past, did not support Pat through taking up the their rights. And they have to be a major shareholder of Pat. What does that say about their expectations moving forward?
4. Even the option for a .75 cent stock did not entice big shareholders to take up their rights. Do they not expect Pat share price to reach plus .75 over 12 months?
5. The wrong expectations by RS/CC that a majority of the shareholders would take up their fair share of rights( some 2 million or so)...when they took virtually none. Does that mean that RS/CC and our BofD are so far removed from their shareholders that they were virtually 100% wrong about how good this rights offering was to their shareholders. Does this mean that their shareholders, Pat shareholders, have no expectations for management to create shareholder value?
6. Does the fact that Don Ross exchanged his debt to equity mean that he's going to take a more commanding role in how Pat is run? Is this a good thing for shareholders?
7. Does this lack of support from virtually all retail shareholders, Pat insiders, big stock holders, signal that its time to change things up?
8. Will this rights offering make it any easier for our management to raise money...or even attract a buyer for IG?
I dunno. Just some things to ask yourselves.
i just hope this has not polluted the waters over at URSA....i guess thats a question you can ask to.
9. Does this rights offering have a negative effect on where URSA was going...oh my gawd what a mess.